Italy’s MFE to acquire 32.9% stake in Impresa via 17.3 million-euro capital hike

Impresa, owner of SIC and Expresso, has new shareholders. The Portuguese media group founded by Francisco Pinto Balsemão, which began with newspaper Expresso, will now have the Italian group Media For Europe, founded by Silvio Berlusconi, as its second largest shareholder. Media For Europe’s goal is to become the leading media group in Europe.

After advances and setbacks, the operation will be carried out through a capital increase in the listed company, Impresa, with the Italians entering with a 32.934% shareholding, which may exempt them from the obligation to make a takeover bid. The capital increase is €17.325 million and will be fully subscribed by MFE. Francisco Pedro Balsemão remains as CEO.

After the entry of the new shareholder, and in accordance with the known agreement, control of Impresa will continue to be exercised by Impreger, which will now hold 33.7% of the group, and whose majority shareholder is Balseger, in turn owned in equal parts by the five heirs of Francisco Pinto Balsemão.

“The Investment Agreement also provides for the conclusion of a shareholders’ agreement between MFE and Impreger (the ”Shareholders’ Agreement“) regarding the future governance of Impresa, which grants rights to MFE in line with its shareholding and provides for Impreger to retain control,” according to the statement sent to the Portuguese Securities Market Commission (CMVM).

The full effect of the investment agreement signed on Wednesday now depends on confirmation by the CMVM that MFE will not be obliged to launch a takeover bid, confirmation by the banks that the agreement does not trigger any termination or early maturity clauses in financing agreements entered into by Impresa, and approval by the Company’s General Meeting (to be convened within five business days) authorizing the Company’s Board of Directors to deliberate and carry out the capital increase.

“This partnership, if it goes ahead, will make MFE a significant shareholder and partner of Impresa, enhancing the Company’s potential to strengthen its position in the media sector in Portugal and creating a solid foundation for accelerating the execution of its strategic plan, particularly with regard to its growth, the expansion of its digital activity, and the potential development of new business areas,” the group writes in its statement to the market.

“Impresa will continue its activity in the normal course of business, in line with its strategic plan and its obligations to disclose information to the market,” the group continues.

“We are very proud of this partnership, as MFE is a leading media group in Europe, with whom we share a vision of the future based on the production of quality content, proximity to viewers, and technological innovation. My family and I would like to thank Pier Silvio Berlusconi, his family, and the entire MFE team for the trust and spirit of collaboration with which this agreement was built,” writes Francisco Pedro Balsemão, CEO of Impresa, in a note sent to newsrooms.

“Impresa brings to this project its unparalleled experience, its recognized values of journalistic freedom and independence in Portugal, and its unique connection with the Portuguese public. We are convinced that we will be able to develop tangible and lasting synergies that will benefit all parties involved, particularly in terms of growth, the expansion of digital activity, and the potential development of new business areas,” he continues.

“Francisco Pinto Balsemão’s legacy in shaping the Portuguese media landscape is widely recognized and highly regarded by MFE. The continued involvement of the Balsemão family will be instrumental in driving Impresa’s strategic direction and addressing the challenges ahead,” adds MFE in a statement sent to the Italian market.

Founded in 1980 by Silvio Berlusconi, the Mediaset group is one of Europe’s leading media groups, with a presence in television, audiovisual production, advertising, and digital platforms.

It began with the launch of Canale 5 in 1980, followed by Italia 1 and Rete 4, challenging the state broadcaster RAI and consolidating a leading position in Italian television. In the following decades, the group expanded its thematic channels and in-house production, becoming a benchmark in terms of content and advertising.

The shareholder structure has always been marked by family control, with the Fininvest holding company retaining around 33.8% of the capital and control of the group. In 2021, the creation of MFE – MediaForEurope consolidated Mediaset Italia and Mediaset España, enabling synergies in both markets.